John Spratt: “The year before it was 412, and the year before that it was 375. Those are the three worst over the last 3 years, three…”

“The year before it was 412, and the year before that it was 375. Those are the three worst over the last 3 years, three record deficits in a row. Here is the hard part. It would be bad enough if that were behind us and we are now having to live with this $3 trillion increase in the debt ceiling of the United States, but the future looks even bleaker. This September, the Congressional Budget Office, which is neutral and nonpartisan, prepared for us, as they always do, it is their custom and I think it is required by law, an update of the economy and the budget and a projection of where the economy was going and a projection of where the budget was going with the economy. Here is what they came up with. They predicted a deficit of $319 billion. That is about where we came out. Look at the red line here and you will see their continued projection shows that over the next 10 years the deficit will double. It will increase from 320 to $640 billion in the year 2015. That is CBO's projection per certain requests we made to them to adjust their baseline survey.…”